Nabard signs $100-mn deal with Green Cli­mate Fund

Business Standard - - YOUR MONEY - PRESS TRUST OF IN­DIA

The Na­tional Bank for Agri­cul­ture and Ru­ral Devel­op­ment (Nabard) Satur­day signed an agree­ment with Green Cli­mate Fund (GCF) to in­fuse $100 mil­lion into the project de­signed to un­lock pri­vate sec­tor ini­tia­tives for cre­ation of rooftop so­lar power ca­pac­ity across In­dia.

The $250-mil­lion project, to be ex­e­cuted by Tata Clean­tech Cap­i­tal Ltd, will re­ceive the GCF sup­port through Nabard, which is the Na­tional Im­ple­ment­ing En­tity (NIE) for the UNFCCpro­moted Fund that sup­ports the ef­forts of de­vel­op­ing coun­tries to re­spond to the chal­lenge of cli­mate change, the bank said in a state­ment.

The agree­ment with GCF was signed at an event held on the side­lines of on­go­ing COP24 in Ka­tow­ice, Poland, it said.

No­tably, In­dia, which hosts In­ter­na­tional So­lar Al­liance, has an am­bi­tious vi­sion of cre­at­ing 100 gw so­lar power ca­pac­ity it said, ad­ding Nabard has been fi­nanc­ing so­lar power projects and in­stal­la­tions in var­i­ous other pro­grammes as well.

Apart from GCF, Nabard is the NIE for Adap­ta­tion Fund of UNFCC and Na­tional Adap­tion Fund for Cli­mate Change (NAFCC). These fund­ing mech­a­nisms are be­ing used to aid the in­ter­ven­tions of sev­eral state gov­ern­ments in the ar­eas of wa­ter, ir­ri­gation, fish­eries, dairy farm­ing, re­new­ables in agri­cul­ture, coastal ecosys­tem, etc.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.